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Barcode Printers Market will Record a Sluggish 7.4% CAGR through (2016- 2026)
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The barcode printers market is expected to grow at a 7.4% CAGR from 2016 to 2026, driven by industrial demand and thermal transfer technology dominance.
According to a recent market report published by Future Market Insights titled, “Barcode Printers Market – Global Industry Analysis & Opportunity Assessment, 2016-2026,” revenue generated from sales of barcode printers globally is estimated to be valued at US$ 2,758.0 Mn and pegged at 3,086.8 ‘000 units by 2016 end. It is expected to increase at a CAGR of 7.4% over the forecast period (2016–2026), to be valued at US$ 5,656.1 Mn by 2026 end. In terms of volume, the global barcode printers market is projected to be pegged at 5,384.3 ‘000 units by 2026 end, expanding at a CAGR of 5.7% over the forecast period.
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Barcode printer is defined as an electronic device designed specifically for printing of barcodes. The working principle and built of a barcode printer is slightly different from computer printers as it uses ribbons and labels working in tandem to get a barcode printed. Barcode printers usually don’t have programmable logic controllers on their own, but rely on an external computer system.
Growth in the manufacturing sector is reviving after the 2008 economic crisis. Automation and streamlining of manufacturing processes are being adopted by a large number of manufacturing companies worldwide to reduce time and material wastage, thereby improving efficiency and output. Barcoding is one such technique that is increasingly being adopted. This process has reduced production time considerably in the manufacturing process, thereby driving demand for barcode printers.
Barcodes have become the de facto standard for product information storing and labelling. Retailers worldwide use barcodes for hassle-free recording of supplies and commodities and their sale to customers. Barcodes imprinted on labels are stuck to the products and they record information about the product count, date of manufacture, date supplied to the retailer, selling price, etc.
When these products are scanned, the information is retrieved and monitored. This entire process, which is achieved within a matter of seconds, not only increases efficiency but also minimizes errors. This has helped retailers record their products and inventory on shop floors and warehouses.
However, threat of RFID tags as substitutes to barcode labels and low compatibility of barcode printers with different operating systems act as restraints in the global barcode printers market.
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The market is categorically divided into six segments based on printer type, printing technology, consumables, application, distribution channel, and region. The printer type segment of the barcode printers market includes Desktop Barcode Printer, Industrial Barcode Printer, Mobile Barcode Printer and Others.
On the basis of printing technology, the market has been divided into Thermal Transfer, Direct Thermal, Dot Matrix, Laser and Ink Jet. On the basis of Distribution Channel, the market is segmented as Direct-to-End User, Direct-to-OEM, Dealer/Distributor and Systems Integrator. On the basis of application, the market has been divided into industrial/manufacturing, transportation/logistics, retail, healthcare, government and commercial services.
North America and Western Europe are the most promising regions for the growth of the market owing to higher preference of barcoding technology in different applications, while the market in the Latin America region is on a slow and stagnant growth due to low adoption of barcoding technology. The growth of the Barcode Printers market in APEJ region may also grow at a slower pace due to saturation and slow down of manufacturing sector in China.
Major players identified in the Barcode Printers market are Zebra Technologies Corporation, Avery Dennison Corporation, Oki Electric Industry Co., Ltd., Toshiba TEC Corporation, and Honeywell International, Inc. committing a combined market share of over 50%. Other major players are SATO Holdings Corporation, Printronix, Inc. and TSC Auto Id Technology Co., Ltd. supplying to various end use industries and sectors.
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The article discusses the growth and analysis of the global barcode printers market from 2016 to 2026.
The market is segmented by printer type, printing technology, application, and distribution channel.
The market is expected to grow at a CAGR of 7.4% from 2016 to 2026.
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